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Food Producer Earnings: ConAgra, General Mills
Created on Tuesday, 20 December 2011 09:56Category: Financial News Highlights
Packaged foods producer ConAgra (CAG) reported a decline in fiscal second quarter earnings today, to $171.8 million, or $0.41 per share, from $200.9 million, or $0.46 per share, last year.
Adjusted earnings of $0.47 per share were ahead of analyst forecasts. Revenue rose about 8%, to $3.4 billion, also ahead of
General Mills (GIS) also posted a decline in fiscal second quarter earnings today.
Profits fell to $444.8 million, or $0.67 per share, from $613.9 million, or $0.92 per share, in last year’s second quarter.
Adjusted earnings of $0.76 per share fell short of analyst expectations, while a 14% increase in revenue, to $4.62 billion, met forecasts. General Mills shares are ticking lower Tuesday.
The two companies compete in the food production sector, and have – like the rest of their peers including Kraft (KFT), Campbell Soup (CPB), and Kellogg (K) – struggled to keep up with rising commodities costs and a weakened consumer.
Courtesy Yahoo News